Old National Bancorp (NASDAQ:ONB) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research note issued to investors on Monday.

A number of other analysts have also commented on ONB. Hovde Group began coverage on Old National Bancorp in a report on Monday, June 3rd. They set an outperform rating and a $20.00 price objective for the company. Royal Bank of Canada upped their price target on Old National Bancorp from $19.00 to $22.00 and gave the stock a sector perform rating in a report on Wednesday, July 24th. Finally, Barclays increased their price target on Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $19.63.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $18.54 on Monday. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $20.43. The stock’s 50 day moving average is $18.96 and its 200-day moving average is $17.57. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 10.02 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.02. The firm had revenue of $750.93 million for the quarter, compared to the consensus estimate of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same quarter in the prior year, the company posted $0.54 earnings per share. Sell-side analysts forecast that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

Insider Buying and Selling

In other news, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the transaction, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the transaction, the insider now directly owns 117,676 shares in the company, valued at approximately $2,335,868.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the completion of the transaction, the chief executive officer now owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Leuthold Group LLC bought a new stake in Old National Bancorp in the 1st quarter worth $3,142,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock worth $885,000 after purchasing an additional 33,615 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Old National Bancorp by 330.1% during the 4th quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock valued at $1,581,000 after purchasing an additional 71,489 shares during the period. State Board of Administration of Florida Retirement System raised its position in Old National Bancorp by 35.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock valued at $1,969,000 after purchasing an additional 29,400 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its holdings in Old National Bancorp by 27.9% in the 1st quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank’s stock worth $7,777,000 after buying an additional 97,350 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.